Federal Tax Legislation Benefits Artists and Charitable Gifts
Oakland County, Michigan (July 23, 2003) -- Legislation allowing artists to take a meaningful tax deduction for a charitable gift of their own work is making slow progress through Congress. The Senate has already passed the legislation as a provision of a larger package of incentives to encourage charitable giving, but the House has bogged down in a thicket of higher-priority tax bills on foreign trade and Medicare reform.
While a charitable incentives package has been introduced in the House, it is unclear whether the House will actually consider it this year. While there are currently 66 cosponsors for the artist's bill, the principal House sponsor, Representative Houghton (R-NY), continues to receive even more cosponsors for it in the hope that a strong show of support would persuade House leaders to incorporate it into the larger charitable package at a future date.
